Euromoney Institutional ... Share Discussion Threads

[deadly] 15/1/2020 20:55

Good perforrmance long-term over the years.

Seems no-one here is interested though.

[allonblack] 21/5/2019 16:41

This one could be about to lift off. Management now on top of the disappointing asset mgt biz. Could be worth 1800p.

[danieldanj] 19/7/2018 08:26

Euromoney (ERM) Earnings-Reaction to Keep an Eye

[kingcashbilly] 21/7/2016 10:26

Underlying Subscription revenue growth appear to have stabilised as expected with sub 1% in Q2 being followed by +1% Q3. At the group level both underlying and reported growth was -1% reflecting the weakness in advertising (-14%) and lower delegate revenues (partly driven by training course terminations), but offset by healthy Sponsorship growth (+9%). At the Interims stage the Company showed that its indicators showed a path of stabilisation in subscriptions and possible improvement later in the year. At this stage there appear to be too many caveats to be confident given BREXIT impact potential and the uncertainty around trading in ERM’s largest month (September).

Update from Singers

[boros10] 22/3/2013 16:08

Euromoney issued a resilient pre-close trading update this morning ahead of the announcement of its results for H1 2013.

Global financial institutions continue to make cuts in staff numbers which reduces the potential readership of the Company's specialist financial, commodity and metals online publications. Revenues for H1 2013 are therefore expected to show a fall of 1%, largely down to timing differences on events. Subscription income, which now makes up a majority of revenues, is expected to remain unchanged.

Despite stagnant sales, pre-tax adjusted profits are expected to be up almost 5% at £51m but this might well prove too conservative. Last year's trading statement estimated H1 2012 pre-tax profits at £47m but the actual number came in at £48.6m, suggesting pre-tax profits for H1 2013 may come in just shy of £53m.

Euromoney is a quality franchise, generating operating margins of 29.9% and adjusted returns on total tangible assets of 56%. Companies generating high returns on tangible assets tend to be very cash generative as less need be spent replacing physical assets. Additionally, over half of Euromoney's revenue comes from subscription income which is paid in advance. The Company can leverage its strong free cashflow to finance acquisitions without recourse to shareholders for new money.

So even if the economic environment remains challenging, Euromoney should be able to continue to grow EPS. In fact, since the onset of the financial crises in 2008, EPS will have risen by nearly 61% by September 2013 (based on consensus forecasts for 2013).

The Company trades on a rolling 12 month P/E multiple of 12.8 and a price to free cashflow multiple of just 10.8. This seems too cheap given the downside risks are mitigated by subscription income, its strong free cashflow funds earnings enhancing deals and any global economic recovery will likely boost flagging advertising revenues and further build subscription income.

[northernlass] 17/5/2012 18:50

Looking Up For Euromoney

EUROMONEY BUOYED BY ONLINE MIGRATION

Euromoney Institutional Investor, the international publishing and events group, says it is successfully migrating to online offerings as subscription growth outpaces advertising decline.

The company, which publishes Euromoney and Metal Bulletin, saw revenues in the six months to the end of March increase by 13% over the prior year to £189.4m. Underlying revenues, excluding acquisitions, increased by 5%.

Headline subscription revenues (including acquisitions) increased by 22% and accounted for 53% of the group's revenues for the period compared to 49% in the prior year. This is crucial, Euromoney does not want to be caught relying on print advertising revenues which dropped 9% during the half year.

Underlying subscription revenues (excluding acquisitions) increased by 7%, while the adjusted operating margin was unchanged at 30%.

Advertising revenues fell 9% on the prior year to £24.9m

The company makes great play of net debt now at £88.5m, below annual underlying earnings and providing headroom for more acquisitions, which Euromoney makes clear is a key part of its strategy.

Commenting on the first half results, Chairman Padraic Fallon said: "The company delivered strong organic growth, as well as the benefits of acquisitions. Research and data revenue growth of 33% highlights the group's progress to an online information business.

"The outlook for financial markets still looks tough, particularly in the Eurozone. In contrast, sentiment in US markets is improving, and emerging markets remain in reasonable health as measures to control inflation in key markets such as China appear to be working. Overall trading remains in line with the board's expectations."

The shares were flat in early trading but have risen 17.7% so far this year.

P.S.

Here's a couple of links about SCLP, one of the hottest stocks at the moment:

[attrader] 19/1/2011 20:27

shoee. AGM is tomorrow, which explains price action today. Market expecting a positive update.

[shoee62] 19/1/2011 14:46

Yes in these from 630, was wondering when the next t/s or results are out. looks like it has wound down for a move

[attrader] 18/1/2011 21:45

any one in these ? I bought a few end last year. Seems to be a good company though stuck at 700

[jarmike2] 24/8/2010 08:39

This from last month points to some doubt about whether growth in the 4th quarter will be so strong.

[nellie1973] 21/7/2010 19:54

Broker upgrade

[qs9] 15/6/2010 14:53

on the way to £7....

[nelson108] 20/5/2010 11:59

Wow, there's your £6 QS9. But shhh! Keep quiet. We seem to do best when you're asleep!

[qs9] 31/3/2010 21:56

£6??

[qs9] 26/3/2010 09:40

Good update, what do you think QS9, pretty good QS9.....whistles.....

[qs9] 12/3/2010 07:39

nice rise since my first post, looks even more +ve IMO now, with broker TP over £6 on recovery factor....anyone else in?

[qs9] 17/11/2009 15:25

Any reason for the slight fall?

[qs9] 28/10/2009 11:26

Blue in a sea of red, any reason?

[teapreacher] 25/9/2009 09:32

lol. all the names above are the same person in different guises.